Leasehold Conveyancing in Waterbeach - Get a Quote from the leasehold experts approved by your lender

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While any conveyancing practice can theoretically handle your leasehold conveyancing in Waterbeach, your mortgage provider may not be willing to work with them if the firm are not on their list of approved solicitors for conveyancing

Recently asked questions relating to Waterbeach leasehold conveyancing

I wish to rent out my leasehold apartment in Waterbeach. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?

The lease governs relations between the freeholder and you the leaseholder; specifically, it will say if subletting is not allowed, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Waterbeach do not contain an absolute prevention of subletting – such a provision would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.

I have recently realised that I have 62 years unexpired on my lease in Waterbeach. I am keen to extend my lease but my landlord is absent. What should I do?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. However, you will be required to demonstrate that you have done all that could be expected to find the freeholder. On the whole a specialist may be helpful to carry out a search and prepare a report which can be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a solicitor both on investigating the landlord’s absence and the vesting order request to the County Court covering Waterbeach.

I am looking at a couple of maisonettes in Waterbeach which have approximately forty five years left on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Waterbeach is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of purchasers and banks, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Waterbeach conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

What are your top tips when it comes to finding a Waterbeach conveyancing firm to carry out our lease extension conveyancing?

If you are instructing a conveyancer for your lease extension (regardless if they are a Waterbeach conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with several firms including non Waterbeach conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. Some following of questions might be useful:

  • What volume of lease extensions has the firm completed in Waterbeach in the last 12 months?
  • What are the legal fees for lease extension conveyancing?

    • Do you have any top tips for leasehold conveyancing in Waterbeach with the intention of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Waterbeach can be bypassed where you appoint lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information which will be required by the buyers conveyancers.
    • The majority freeholders or Management Companies in Waterbeach levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Waterbeach.
  • In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Most leases in Waterbeach state that internal structural changes or laying down wooden flooring calls for a licence from the Landlord acquiescing to such works. Where you fail to have the paperwork to hand do not contact the landlord without contacting your lawyer in the first instance.
  • Some Waterbeach leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If you have had conflict with your freeholder or managing agents it is very important that these are resolved before the property is put on the market. The purchasers and their solicitors will be concerned about purchasing a flat where a dispute is unresolved. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to reveal the dispute as over rather than unsettled.

    • I inherited a 1 bedroom flat in Waterbeach, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Waterbeach with over 90 years remaining are worth £261,000. The ground rent is £45 levied per year. The lease ends on 21st October 2089

    With 65 years remaining on your lease the likely cost is going to range between £13,300 and £15,400 plus professional fees.

    The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.

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    Lease Extensions in Waterbeach